Business News

inTEST Reports Second Quarter 2008 Results

2008-08-13 15:00:00

    CHERRY HILL, N.J., Aug. 13 /EMWNews/ -- inTEST Corporation

(Nasdaq: INTT), an independent designer, manufacturer and marketer of

semiconductor automatic test equipment (ATE) interface solutions and

temperature management products, today announced results for the quarter

ended June 30, 2008.

    Net revenues for the quarter ended June 30, 2008 were $11.5 million,

compared to $11.3 million in the first quarter of 2008. Our net loss for

the second quarter of 2008 was $(1.4) million or $(0.15) per diluted share,

compared to a net loss of $(1.3) million or $(0.14) per diluted share for

the first quarter of 2008.

    Robert E. Matthiessen, President and Chief Executive Officer of inTEST

commented, "The weakening of the macroeconomic environment in the second

quarter posed significant challenges to our overall profitability and

growth. Bookings decreased in the second quarter of 2008 to $10.0 million,

compared to $12.5 million in the first quarter of 2008. Our negative

results for the second quarter were driven by the Manipulator and Docking

Hardware product segment. At the end of the second quarter we implemented a

restructuring of this product segment and reduced headcount by 18% and

shortened the workweek for certain employees. We will continue to

concentrate on this segment's cost structure, new product releases and

sales efforts during the third quarter of 2008."

    "Despite these challenges, we posted sequential revenue growth and

built our market share in the tester interface and thermal management

markets. In July, we closed on the acquisition of Diamond Integration, a

small test floor services company based in Texas, which we anticipate

expanding through our global network. This acquisition has become part of

the Manipulator and Docking Hardware product segment and will give us

exposure to a line of business that is normally driven by our customers'

generally stable operating budgets rather than their volatile capital


    Investor Conference Call / Webcast Details

    As previously announced, inTEST will host a conference call today,

Wednesday, August 13, 2008 at 5:00 p.m. EDT to discuss the Company's second

quarter 2008 results and management's current expectations and views of the

industry. The call may also include discussions of strategic, operating,

product initiatives or developments, or other matters relating to the

Company's current or future performance. The conference call will be

available at and by telephone at (201) 689-8560 or toll free

at (877) 407-0784. A replay of the call will be available 2 hours following

the call through 11:59 p.m. EST on Wednesday, August 20, 2008 at and by telephone at (201) 612-7415 or toll free at (877)

660-6853. The account number to access the replay is 3055 and the

conference ID number is 291186. A transcript of the conference call will be

filed as an exhibit to a Current Report on Form 8-K as soon as practicable

after the conference call is completed.

    About inTEST Corporation

    inTEST Corporation is an independent designer, manufacturer and

marketer of ATE interface solutions and temperature management products,

which are used by semiconductor manufacturers to perform final testing of

integrated circuits (ICs) and wafers. The Company's high-performance

products are designed to enable semiconductor manufacturers to improve the

speed, reliability, efficiency and profitability of IC test processes.

Specific products include positioner and docking hardware products,

temperature management systems and customized interface solutions. The

Company has established strong relationships with semiconductor

manufacturers globally, which it supports through a network of local

offices. For more information visit


    Hugh T. Regan, Jr., Treasurer and Chief Financial Officer, inTEST

Corporation, 856-424-6886, ext 201.

    Joseph Villalta of The Ruth Group, 646-536-7003

    Forward-Looking Statements:

    This press release includes forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. These

statements do not convey historical information, but relate to predicted or

potential future events that are based upon management's current

expectations. These statements are subject to risks and uncertainties that

could cause actual results to differ materially from those expressed or

implied by such statements. In addition to the factors mentioned in this

press release, such risks and uncertainties include, but are not limited

to, changes in business conditions and the economy, generally; changes in

the demand for semiconductors, generally; changes in the rates of, and

timing of, capital expenditures by semiconductor manufacturers; progress of

product development programs; increases in raw material and fabrication

costs associated with our products; implementation of additional

restructuring initiatives; costs associated with compliance with Sarbanes

Oxley and other risk factors set forth from time to time in our SEC

filings, including, but not limited to, our periodic reports on Form 10-K

and Form 10-Q. The Company undertakes no obligation to update the

information in this press release to reflect events or circumstances after

the date hereof or to reflect the occurrence of anticipated or

unanticipated events.

(Financials Attached) SELECTED FINANCIAL DATA (Unaudited) (In thousands, except per share data) Condensed Consolidated Statements of Operations Data: Three Months Ended Six Months Ended 6/30/ 6/30/ 3/31/ 6/30/ 6/30/ 2008 2007 2008 2008 2007 Net revenues $11,497 $12,062 $11,304 $22,801 $24,180 Gross margin 4,523 4,591 4,453 8,976 8,988 Operating expenses: Selling expense 2,223 2,279 2,094 4,317 4,450 Engineering and product development expense 1,417 1,394 1,410 2,827 2,798 General and administrative expense 2,040 2,044 2,248 4,288 4,175 Restructuring and other charges 200 - - 200 - Operating loss (1,357) (1,126) (1,299) (2,656) (2,435) Other income 47 126 35 82 247 Loss before income taxes (1,310) (1,000) (1,264) (2,574) (2,188) Income tax expense 47 86 62 109 119 Net loss (1,357) (1,086) (1,326) (2,683) (2,307) Net loss per share - basic $(0.15) $(0.12) $(0.14) $(0.29) $(0.25) Weighted average shares outstanding - basic 9,324 9,194 9,308 9,316 9,186 Net loss per share - diluted $(0.15) $(0.12) $(0.14) $(0.29) $(0.25) Weighted average shares outstanding - diluted 9,324 9,194 9,308 9,316 9,186 Condensed Consolidated Balance Sheets Data: As of: 6/30/ 3/31/ 12/31/ 2008 2008 2007 Cash and cash equivalents $11,383 $11,982 $12,215 Trade accounts and notes receivable, net 6,482 6,584 6,034 Inventories 5,253 5,719 5,097 Total current assets 23,724 25,139 24,464 Net property and equipment 2,005 2,103 2,198 Total assets 26,806 28,371 27,723 Accounts payable 2,657 3,180 1,923 Accrued expenses 3,955 3,595 3,545 Total current liabilities 6,946 7,121 5,815 Noncurrent liabilities 339 370 401 Total stockholders' equity 19,521 20,880 21,507

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